SAMPLE   Buyer’s Checklist to Sell a Residential Property:

NOTE: Many of the dates/ Timelines below represent “customary” or “pre-printed” terms of the NJAR form contract, but that should in NO WAY be considered guiding to your transaction.  Furthermore, each buyer and seller’s interests, tolerance for risk and goals must be carefully considered in consultation with their own legal, tax and other professionals.  

This timeline is not intended to create any duty on the part of the broker, salesperson or any other party to deal with any of the issues set forth in the timeline. It is understood that most of the items set forth in this timeline are the

responsibility of the attorneys for Buyer and Seller, if any, the title company and the lender, as well as Buyer and Seller.   This timeline is for informational purposes only.

References to Sections are to the applicable Sections or Addenda in the Contract.

TIMELINE FOR NEW JERSEY REALTORS® STANDARD

FORM OF REAL ESTATE SALES CONTRACT

Suggested that Transaction Co-ordinator Note Dates of “Unavailability to any key party or vendor to the transaction:

TIMELINE FOR NEW JERSEY REALTORS® STANDARD

FORM OF REAL ESTATE SALES CONTRACT

DATES:                 Item                                                        Notes/    Costs ?  Etc.,

“Buyer” REVIEW

____        Is buyer ready, willing and able to proceed with transaction ?

____        Is buyer ready for financial/ lending requirements ?

____        Are any “Authorities of Jurisdiction” potential problems ?

____        Does Seller seem ready, willing and able to proceed with transaction?

ATTORNEY REVIEW

____    Fully executed Contract delivered to Buyer and Seller starting the

    Attorney-review period. See Section 35

____    Three-day attorney review ends or, if Contract is timely disapproved by

    attorney, then date parties agree to the terms of Contract (referred to in this

    timeline as “after Contract is finalized”).  See Section 35

____        Obtain any and all public records and review carefully with professional team.

____        Obtain any and all prior “Listed” records and review carefully with professional team.

____        Negotiate and Understand each party’s contingency rights, due dates and costs in light of

        The sequence needed to allow buyer to obtain financing most efficiently, while obtaining

        goal(s) of the transaction.  

            DEPOSITS

____    Initial deposit to be paid by Buyer. See Section 3(A)

____    Additional deposit to be paid by Buyer. See Section 3(B)

            CONDOMINIUM/HOMEOWNER'S ASSOCIATIONS

____    Before or when Contract is signed, Seller must, upon request, make available

      to Buyer with applicable condominium/homeowner's association

      documents. See Addendum

____        Obtain Financial Reports, Recent Notices, Bulletins, Reserve Studies and so forth on

        Association and Building(s).

LEASES

____   Seller must provide Buyers and Brokers with copy of leases for Property

when Contract is signed by Seller. See Section 12 (B)   (If property is to remain vacant, specify this.  If property may be leased, specify by whom and on what terms. )

        LEAD-BASED PAINT

  ____  If dwelling built prior to 1978, Seller provide EPA pamphlet before

    Contract is signed, Buyer must acknowledge receipt of pamphlet, and

    EPA Disclosure must be signed by Buyer, Seller & Brokers. See Section   13 (A)

  ____  Buyer has 10 calendar days after Contract is finalized to order inspection

    and/or risk assessment for lead-based paint and/or hazards. If inspection

    and/or assessment indicates that lead-based paint and/or hazard present, then

    Buyer has 5 business days to deliver report to Seller and Brokers.    See Section 13(C)

____    Seller has (if blank in Contract, then 3) business days after receipt of report or

    amendment to Contract from Buyer to agree or send counter-proposal.    See Section 13(C)

    If Seller offers counter-proposal, Buyer has_____ (if blank in Contract, then 3) business

    days after receipt to accept or Contract is void. See Section 13(C)

SHORT SALES

____ Seller must send each Designated Lien Holder copy of Contract and such additional

    documents anticipated to be required for review and approval within 5 business days

    after Contract is finalized. See Addendum

____    Seller must provide Buyer with copy of each Designated Lien Holder's consent within

    2 business days of Seller receiving it. See Addendum

            MORTGAGE CONTINGENCY

____  Buyer must apply for loan within 10 calendar days after Contract is finalized.**

    See Section 3(D)   ** Discuss with attorney what “finalized means for you.”  

____  Mortgage commitment must be delivered to Seller's agent (if blank in Contract,

    then within 30) calendar days after Contract is finalized.  See Section 3(D)

____    If Buyer does not provide mortgage commitment, then either Buyer or Seller

    may void Contract within 10 calendar days of the date commitment due and deposit

    monies will be returned to Buyer unless Seller objects in writing within 10 calendar days

    of the date commitment due. See Section 3(D)

___    If Short Sale Addendum applicable, time to obtain mortgage extended by____ days

    after Buyer receives notice that all Consents of Lien Holders have been obtained.

BUYER'S PROPERTY SALES CONTINGENCY

____    Deadline for Buyer to satisfy sales contingency. See Addendum

 ____        Buyer must list property (if it is not already listed) within 5 business days after Contract

            is finalized. See Addendum   Contract void if Buyer has not entered into sales contract for Buyer's property unless

Buyer has waived contingency. See Addendum

PRIVATE WELLS

____    If Property has water supply provided from a private well, Seller must provide

    Buyer with test results within 7 business days after Contract is finalized. See Addendum

____    If any water tests do not meet applicable standards, Seller has 7 business days

    to agree to cure or correct, or Buyer can void Contract by notifying Seller within

    7 business days thereafter. See Addendum

____    If Property has POET system installed and maintained at the expense of the Spill Fund,

    Seller must notify DEP of sale within 30 calendar days of executing Contract. See  Section 14

CESSPOOLS

____    If Property has cesspool that Seller agrees to replace, seller must deliver to Buyer Certificate

    of Compliance at Closing but, if fully compliant system cannot be installed at Property, then

    Seller must notify Buyer in writing within 3 business days of receipt of such notice to install

    either a non-conforming system or a permanent holding tank, and Buyer may void Contract

    within 7 business day thereafter. (If Buyer or Seller becomes aware of a cesspool prior to

    Closing, that party must promptly, but in no event later that 3 business days after becoming

    aware of the cesspool, advise the other party about the cesspool in writing and the parties

    then will have 7 business days to determine how to proceed.)   See Section 15

RADON

___    If Property was tested for radon, Seller must provide Buyer when Contract is

    executed with the test and evidence of subsequent radon mitigation or

    treatment but, in any event, Buyer has the right to conduct its own radon

    inspection/test within 7 business days after Contract is finalized.  See Section 16(B)

___    If Buyer's radon report indicates that radon gas is at a certain level, Seller

    has 7 business days to agree to remediate or Buyer can void Contract

    by notifying Seller within 7 business days thereafter. See Section 16(B)

INSPECTIONS

____    Buyer has right to conduct inspections for infestation and damage from

    termite wood boring insects within (if blank in Contract, then 14)

    calendar days after Contract is finalized. (If cost to cure, repair or treat exceeds

    1% of purchase price, then either party may void Contract within _______

    (if blank in Contract, then 7) business days after report delivered to Seller and Brokers).

    See Section 16 ©

____    Buyer has _______ (if blank in Contract, then 14) calendar days after Contract

    is finalized to provide reports to Seller and Brokers concerning physical defects or

    environmental conditions affecting Property. See Section 16(D)

____  If Buyer's inspection reveals physical defects or environmental conditions (other than

    Radon or wood boring insects), Seller has 7 business days after receipt of Buyers's

    Reports to agree to correct or cure. Seller's failure to respond is a refusal to correct or

    cure such defects, in which case Buyer has 7 business days to void Contract. See Section

    16(E)

         FLOOD HAZARD AREA

____If Property is in flood hazard area, Buyer may cancel Contract within 10

    calendar days after Contract is finalized. See Section 16(F)

            PRIVATE SEWAGE DISPOSAL

____If Property has Private Sewage Disposal (Septic System), Buyer agrees to

    inspect and test Septic System. Buyer shall deliver report to Seller

    Within ___  (if blank in Contract, then 10) calendar days after

Contract is finalized. See Addendum

____    If Buyer is not satisfied with report and requests Seller to undertake Septic

    Tank Work, Seller has_________ (if blank in Contract, then 10) calendar

    days to cancel Contract or execute a mutually acceptable amendment to

    Contract. See Addendum

_____If Seller agrees to correct problems identified in Buyer's report or problems

    encountered during performance of Septic System Work and applicable

    permits are not issued within ______ (if blank in Contract, then

    10) calendar days from Seller's agreement to perform Septic System Work,

    either party may cancel Contract. See Addendum

UNDERGROUND FUEL TANK(S)

____ If Property has underground fuel tank(s), Buyer agrees to inspect and test the

    Tanks. Buyer shall deliver report to Seller within ______  (if left blank in

    Contract, then 10) calendar days after Contract is finalized. See Addendum

____ If Buyer is not satisfied with report and requests Seller to undertake Tank

    Work, Seller has _______ (if left blank in Contract, then 10) calendar

    days to cancel Contract or execute a mutually acceptable amendment to

    Contract. See Addendum

_____ If Seller agrees to be responsible for correcting problems identified in

    Buyer's report, Seller has____ (if left blank in Contract, then 10)

    calendar days to obtain either a No Further Action letter or other acceptable

    Final Remediation Document from NJDEP. See Addendum

    TITLE EXCEPTIONS

____    If title contains certain exceptions, Buyer must notify Seller and Seller will

    have 30 calendar days to eliminate those exceptions. See Section 11

PROPERTY WITH 3 OR MORE UNITS

____    Seller to provide Certificate of Registration and certificate of inspection at

    Closing. See Addendum

WALK THROUGHS

____    Initial walk-through before Closing. See Section 25

____    Final walk-through before Closing. See Section 25

            CLOSING DOCUMENTS

____    Documents and information required by lender must be provided for

____    Closing Documents.

____    Closing Documents must be delivered to Buyer no later than 3 business days

    before Closing, (Closing must be delayed 3 business days if lender increases

    annual percentage rate more than 1/8% for fixed-rate loan or 1/4% for

    adjustable loan, adds prepayment penalty or changes loan product after

____    Closing Documents are issued, except for certain emergency situations.)

____    CLOSING DATE        Closing date. See Section 3(E)